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Houston-based real estate investment trust $WRI reported a jump in 1Q16 earnings driven by gain on sale and acquisition of real estate joint venture and partnership interests. Net income rose to $107.57MM or $0.85 per share from $45.42MM or $0.36 per share last year. Revenues grew to $132.42MM from $125.6MM.
$SNH announced a regular quarterly cash distribution on its common shares of $0.39 per common share or $1.56 per share per year. This quarterly dividend will be paid to common shareholders of record as of January 29, 2018 and distributed on or about February 22, 2018.
$CDR's BoD has approved cash dividends of $0.453125 per share on its 7 ¼% Series B Cumulative Redeemable Preferred Stock and $0.40625 per share on its 6 ½% Series C Preferred Stock. Both are payable on February 20, 2018 to shareholders of record as of February 12, 2018.
$UDR announced that Thomas W. Toomey, CEO and President, has been appointed Chairman of the BoD, effective January 1, 2018. Mr. Toomey succeeds James D. Klingbeil. The BoD also established a Lead Independent Director position and appointed Mr. Klingbeil as Lead Independent Director.
$SNH said it expects to realize a gain of about $308MM on the sale of four senior living communities. The four communities to be sold are all currently leased to Sunrise Assisted Living, Inc. for terms ending Dec. 31, 2023, plus tenant extension options through Dec. 31, 2033.
$WRI declared a special cash dividend of $0.75 per common share payable on Dec 29, 2017 to shareholders as on Dec 26, 2017. The special dividend will consist primarily of gains on dispositions of properties. The company did not make any change in its policy with respect to regular quarterly dividends.
$TCO declared a quarterly dividend of $0.625 per share of common stock, payable Dec. 29, 2017, to shareholders of record on Dec. 15, 2017. $TCO also declared quarterly dividends of $0.40625 on its 6.5% Series J and $0.390625 on its 6.25% Series K Cumulative Preferred Shares, payable Dec. 29, 2017, to shareholders of record on Dec. 15, 2017.
$INN completed the acquisition of four hotels with a combined total of 652 guestrooms for $164MM, or about $252,000 per key. The company anticipates investing about $4-5MM into a complete renovation of all public spaces and guestrooms over the next two years.
$SLG has refinanced its unsecured corporate credit facility. The revolving line of credit component of the facility has been reduced by $100MM to $1.5Bil, the maturity date has been extended from March 2019 to March 2023, inclusive of as-of-right extension options aggregating 1-year, and the current borrowing cost was reduced to 120BP over LIBOR.
$SLG has refinanced its unsecured corporate credit facility by $217MM to $3Bil. The 5-year funded term loan component of the facility has been increased by $117MM to $1.3Bil, the maturity date has been extended from June 2019 to March 2023 and the current borrowing cost has been reduced to 135BP over LIBOR.